Property Tax Estimator
Estimate annual property tax from assessed value and millage rate or percent, with homestead exemptions and monthly escrow.
Property tax is a major part of the true cost of owning a home. Enter your assessed value and either the millage rate or a percentage rate, subtract exemptions like Florida's homestead exemption, and see the annual bill, the monthly escrow amount added to your mortgage payment, and your effective tax rate.
Florida homestead exemption is up to $50,000; enter your local amount or 0.
How to use this calculator
- Enter your home's assessed value (from the county appraiser, not necessarily market value).
- Choose millage or percent mode and enter your total combined tax rate.
- Enter your homestead or other exemption amount, or 0 if none.
- Click Calculate to see the annual tax, monthly escrow, and effective rate.
The formula
Annual tax = (assessed value − exemption) ÷ 1,000 × millage; monthly escrow = annual tax ÷ 12.
Worked example
A $350,000 assessed value at 20 mills with a $50,000 homestead exemption leaves $300,000 taxable: $6,000 per year, or $500 per month in escrow — an effective rate of 1.71%.
Frequently Asked Questions
What is a millage rate?
A millage rate is the tax per $1,000 of taxable property value — one mill equals $1 per $1,000. A 20-mill rate on $300,000 of taxable value means $6,000 per year. Millage rates are set by counties, cities, school districts, and special districts, and your total bill combines all of them.
Assessed value vs market value: what is the difference?
Market value is what your home would sell for today; assessed value is what the county tax appraiser assigns, often based on mass appraisal and capped annual increases in some states. In Florida, homesteaded properties have assessment increases capped at 3% per year under Save Our Homes, so long-time owners often pay tax on far less than market value.
What is the Florida homestead exemption?
Florida's homestead exemption removes up to $50,000 of assessed value from taxation for a primary residence — $25,000 off all levies plus another $25,000 off the assessed value above $50,000 for non-school taxes. You must apply through your county property appraiser, ideally by March 1 of the tax year. Other states have their own exemptions with different rules.
Why is property tax part of my mortgage payment?
Most lenders require an escrow account that collects one-twelfth of your annual property tax (plus insurance) with each mortgage payment, then pays the bills on your behalf. This protects the lender's collateral from tax liens. Your total monthly housing payment is P&I plus tax escrow plus insurance escrow plus any PMI or HOA.
Can I appeal my property tax assessment?
Yes. If you believe your assessed value exceeds fair market value, you can appeal to your county's value adjustment board or equivalent, usually within a short window after assessment notices go out. Successful appeals typically use comparable recent sales as evidence. Check your county appraiser's site for deadlines and procedures.